In 2019 more than 30 million people purchased jewelry online on a daily basis. So selling of jewelry big business and is a very lucrative business.
However, with the statistics, it is safe to say that there is enormous competition. Don’t worry, this article will provide expert guide to get you right on track on your business.
Tips of Selling for Jewelry Retailers
Identify the Target Clientele
Different pieces of jewelry have different clientele. For instance, pendant necklaces may attract a certain clientele while chockers may be chosen by other customers. Jewelers and designers need to find the niche they want to focus on, and then only the business model should be framed.
The ultimate aim of a jewelry business is to offer exquisite designs and beautiful jewelry to the right clientele, as only this can flourish the business and profit the company.
Choose Your Suppliers and Product Development Process
Many online jewelry suppliers offer wholesale jewelry making equipment, tools, and materials, including raw metals, gemstones, semi-precious stones, beads, pearls, and metalworking equipment.
Consider asking other jewelry artists which wholesale suppliers they recommend, and attend as many trade shows as you can to expand your supply contacts. For product development, plan how you’ll create your artistic designs.
Some options include by hand, at home, in a factory, or through outsourcing. Your choice will depend on the complexity of your designs, the materials used, the price point, and your skill level.
Price Your Jewelry Right
When it comes to pricing your jewelry, keep it consistent across all your lines. You want customers to know where they stand! Confusing shoppers is a surefire way to run a weak brand — not cool!
Don’t be coy about pricing. You want to provide customers with a seamless user experience — this means not making shoppers hunt around for the price of your goodies! If you specialize in creating bespoke pieces, then make it obvious where the customer needs to click to get a quote.
Find Places to Sell Your Jewelry
Selling online through your website or a proxy is one of the easiest ways to sell your jewelry. However, you may find success by selling your designs at small pop-up retail and artisan shows.
Not only will you get the word out about your brand, but you get the chance to meet and interact with your customer base and share your passion for creating jewelry. You may also want to contact local retailers for wholesale and consignment sales of your designs.
Marketing Strategy for Online and Offline Platforms
Sales is the heart of a business that ultimately defines the fate of that business model. With the advent of technology, e-commerce has also gained grounds and plays an important role in the sales of a product.
For jewelry business as well, the online and offline platforms must be given proper attention with an expert marketing strategy to maximize the sales and profits. The greater reach to masses always leads to an increase in the profit of the business.
Build Trust and Loyalty
Building trust and loyalty with your customers is the hardest thing to do when it comes to running a business. Better packaging shows your customer your attention to detail and in turn makes them feel trust.
When someone sees the price tag on a piece of jewelry, that can sometimes ruin the power of the emotion. Avoid showing the customer prices until you have found the exact piece he is looking for. This is not to be deceptive — it is to ensure that the customer gets what he wants.
If you have financing options, then price is less of a problem. Once the customer has shown a strong interest in the item, then show him the price. If he seems shocked, then remind him about financing.
If he still seems put off by the cost, then try to negotiate. Do not give up too much, but try to give up enough so that the price is overcome by the emotion.
Examples of Trending Jewelry Niches
Another way to stand out in the crowd is taking part in a jewelry niche. Here are a few that may apply to your online jewelry business:
Affordable Fashion Jewelry
Known for being every day, fashion forward pieces, affordable fashion jewelry is a well-known niche. Pieces range from necklaces to bracelets to earrings and come in many variations of color and size. It’s common to see both trendy and vintage jewelry pieces sold here, as this niche caters to many styles.
Body jewelry ranges from body piercings (e.g. nose rings and belly button piercings) to body chains. Earrings tend to be a big player and come in all shapes, sizes, and colors. This niche is smaller, but growing in the industry.
Silver Plated Jewelry
Silver plated jewelry is a cheaper alternative to sterling silver. Many times, silver plated jewelry can be found in an affordable fashion jewelry niche catalog. However, it takes a strategic content strategy to show the benefits of silver plated jewelry to customers who may be wary of quality.
Fair Trade Jewelry
Fair trade jewelry has a large amount of handmade pieces, usually sourcing sustainable materials. Many brands in this space are tied to a charity or organization that holds significant meaning to the brand.
FAQs About Selling Jewelry Online
What types of jewelry can I sell online?
Any type. Handcrafted, wholesaler, customizable, necklaces, rings, silver, or gold jewelry. With the right ecommerce platform, you can easily manage different product categories making the options endless.
Should I have my own site or sell on marketplaces?
Selling on your own site comes with many more benefits compared to selling on a jewelry marketplace or another online alternative. Some of these include eliminating direct competition on the same site, the ability to create a user experience design that speaks to the brand, direct customer service support, and better promotional management.
Can I dropship jewelry?
Yes. Dropshipping can be a cost effective and timely shipping and fulfilment method for your business. However, as you grow, you may not want to use dropshipping as your single shipping fulfillment method, due to the low profit margins associated with it.
Dropshipping should be used as an enhancement. For more about dropshipping jewelry, check out this article: 6 Popular Wholesale Jewelry Dropshippers China.